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Anglo Irish Bank- Latest updates


 

Former Anglo Irish Bank boss to stand trial in October 2014
Irish Examiner
Sean FitzPatrick, the former Anglo Irish Bank chairman, will stand trial in October of next year. He faces 12 charges of failing to tell the bank’s auditors the true value loans worth €139m given to him, or people connected to him, by Irish Nationwide 
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Former Anglo Irish Bank boss to stand trial in October 2014
Irish Examiner
Sean FitzPatrick, the former Anglo Irish Bank chairman, will stand trial in October of next year. He faces 12 charges of failing to tell the bank’s auditors the true value loans worth €139m given to him, or people connected to him, by Irish Nationwide 
See all stories on this topic »

Central Bank and regulator ‘egging us on’ – Anglo
Irish Independent
But in the latest Anglo Tapes, head of treasury John Bowe can be heard convincing himself that the Central Bank and Financial Regulator were “effectively egging us on – for Irish banks to help each other”. Mr Bowe planned to craft a document to 
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We are a complete punchbag at this stage, says Drumm
Irish Independent
During the revealing conversations, it is clear that Mr Drumm knows at this stage that the fate ofAnglo and Ireland are now bound together inextricably. But he is obviously more concerned about the survival of his own bank. In this latest tape, Mr 
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Anglo Irish Bank


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Drumm names eight he believes should explain bank guarantee role


Irish Independent
In his latest interview, former Anglo Irish Bank chief executive Mr Drumm again refused to say whether he would return to Ireland to answer questions on the collapse of the lender. The US-based ex-banker said he believes the explosive Anglo tapes were 
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Independent party to investigate source of Anglo tapes leak
Irish Times
The investigation will try to establish if the tapes, published by the Irish Independent last week, came from Irish Bank Resolution Corporation, which was established to wind down Anglo’s operations, or KPMG, Anglo’s special liquidators. The recordings 
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Trial of Anglo executives ‘has been jeopardised’

Irish Independent
Trial of Anglo executives ‘has been jeopardised’. Comments. Email; Print; Font Size. Sonya McLean – 04 July 2013. THE upcoming trial of former Anglo Irish Bank executives may have been jeopardised, Dublin Circuit Criminal Court has heard. Also in this 
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Certus and Pepper get green light to handle €24bn of NAMA loans

Irish Independent
THE National Asset Management Agency (NAMA) has selected Certus and a consortium of Pepper and Serco to manage up to €24bn of loans that could be transferred to the agency from the liquidated former Anglo Irish Bank.
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Outrage on rise in Ireland over ‘arrogant’ failed bank execs

Canadian HR Reporter
In the tapes published by the Irish Independent newspaper, the collapsed Anglo Irish Bank’s then-head of capital markets John Bowe was asked how it had come up with a figure of seven billion euros ($9.17 billion) for a rescue, responding that he had 
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200 hand letter to gardaí demanding Anglo charges

http://starlounge.ie.msn.com/
garethmoore. TWO HUNDRED PEOPLE handed formal letters to gardaí at Pearse St garda station this evening calling for charges to brought against three Anglo Irish Bank staff. The letter, as seen by TheJournal.ie, calls for an investigation under section 
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Noonan warns against ‘contaminating’ Anglo evidence
Irish Times
Minister for Finance Michael Noonan has warned against “mucking about” with recordings leaked from Anglo Irish Bank so as to ensure the evidence needed for criminal trials related to the failed lender is not contaminated. “The guards are the people who 
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Gilmore refuses to answer questions on Anglo tapes knowledge
Irish Independent
TANAISTE Eamon Gilmore has declined to answer calls to say who knew what and when about taped conversations between chiefs at the bust Anglo Irish Bank. Related Articles. Dukes ‘sang dumb’ about Anglo tapes, Dail hears. Also in this section 
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Anglo Irish Bank – Updates


Coming Soon to a Cinema Near you Bankula

Starring

David Drumm

The Undisputed  Master of Horror Banking

mySuperLamePic_da121ea7149f1d24c1361c21c2f6c810

Honohan – Anglo Tapes could lead to criminal prosecutions

Irish Independent
The development comes as the Irish Independent has learned the Director of Public Prosecutions is close to determining whether disgraced Anglo Irish Bank chief executive David Drumm will face criminal charges here, it is understood. In his first 
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US firm of disgraced former Anglo boss shut by authorities

THE US firm set up by disgraced former Anglo Irish Bank boss David Drumm has been dissolved after he failed to file any company records over the last two years. read full article

independent.ie

Ireland President Michael D Higgins slams those involved with the Anglo Irish 

IrishCentral
Ireland’s President Michael D Higgins has slammed the content of the infamous Anglo Irish Banktapes and claimed those responsible do not speak for the Irish people. The President was cheered when he made the remarks at a community garden party at his 
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Noonan: Sanctions against anyone who fails to cooperate with banking inquiry

Irish Independent
Minister Noonan made his comments in Limerick today where he agreed that the former Anglo Irish Bank chief executive David Drumm should co-operate, if he is part of any inquiry. The under fire former chief of Anglo has apologised for using 
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Family defend Lenihan after Drumm attack on Anglo Tapes

Irish Independent
The tapes reveal that former Anglo Irish Bank chief executive David Drumm wanted to “punch” the former finance minister in frustration during the banking crisis. Ms O’Rourke said the comments displayed an attitude that Mr Lenihan did not succumb to.
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Anglo tapes: Department of Finance records may provide answers to disturbing 

Irish Times
 be possible to forward legally privileged documents. Amid the drip-feed of information from Anglo, the wait continues for the full story of what really went on when the people of Ireland took on the debts of a crippled banking system. Tue, Jul 2 
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Matt Cooper attacked by Drumm for Haughey comparison

Irish Independent
At the time, Cooper wrote: “It doesn’t help when David Drumm, the Anglo Irish Bank boss who was paid €5.9m last year, says that the Irish people are realistic and would tighten their belts when they had to. “Remember the hypocrisy of Charlie Haughey 
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Fionnan Sheahan: Apologies are all well and good – but Drumm must face the 

Irish Independent
How did Anglo Irish Bank manage to get into a position where it would require a state bank guarantee, an injection, nationalisation and liquidation – contributing to the country as a whole needing a bailout, which is inflicting pain on every citizen in 
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Time for Drumm to return and face questions after ‘sorry’


Herald.ie
Five things to do. It comes after former Anglo Irish Bank chief executive Mr Drumm apologised for the language and tone of the Anglo tapes – but not for the lender’s role in the economic crisis. His expressions of remorse and regret have been brushed 
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‘Lenihan acted in Ireland’s interests unlike Taoiseach’

Herald.ie
The former Fianna Fail TD was also fiercely critical of Taoiseach Enda Kenny for saying there was an “axis of collusion” between her party and Anglo Irish Bank. In the latest revelations from the Anglo Tapes, former Anglo CEO Mr Drumm said he wanted to 
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We’ll help gardai with probe, says Bank governor

THE Central Bank is examining whether Anglo Irish Bank “deliberately misrepresented” its position when it sought taxpayer support in 2008, according to the Governor Patrick Ho read full article

independent.ie

Ministers fear inquiry will prejudice future trials

CABINET ministers are worried about an Oireachtas banking inquiry, or witnesses before it, jeopardising any cases against former Anglo Irish Bank officials.read full article

independent.ie

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Letter #4 to Goldman Sachs’s Lloyd Blankfein


Letter #4 to Goldman Sachs‘s Lloyd Blankfein

Posted: 25 Jun 2013 07:18 AM PDT

In this book of letters written by ordinary people affected by the fallout from the financial crisis is a chapter devoted to Goldman Sachs starting on page 91.

The fourth letter is from page 95 in The Trouble is the Banks:  Letters to Wall Street, edited by Mark Greif, Dayna Tortorici, Kathleen French, Emma Janaskie and Nick Werle, printed in paperback edition by n +1 Research Branch Small Books Series #4, 2012, New York, NY.

Here is letter #4:

An Opportunity

To:  Lloyd C. Blankfein, Goldman Sachs

Dear Mr. Blankfein,

We are writing to you to interest you in a fantastic new opportunity for you and your loved ones.  We are offering you the once in a lifetime opportunity to refinance all of your many homes and/or jets for the wealth–oops, did I say wealth–equity that you are holding in them.

Did you know that the property you bought for millions is actually worth gazillions of dollars under this plan?  Yes!  Gazillions!  With our excellent and trustworthy panel of advisors we can help you truly capitalize on your investments and really make the most of what life has to offer.

What we do is:  take the money you “earned” during those fantastic boom years, and invest it in schools, hospitals, housing and jobs for the poor, educate feed and clothe people before their brief yet worthy lives extinguish.

There really is nothing to lose from your side:  just take the money backed by the assets of the houses, jets, boats and jewelry, sign your name, and we can provide you with short-term aspirations!  It really is that simple.  And don’t take our word for it, talk to many of our other customers in the 1% base range.  Plenty of satisfaction all round!

With Such Sincerely Tepid Regards,

OWS Refinancing

 

Letter #3 to Goldman Sachs’s Edith W. Cooper


In this book of letters written by ordinary people affected by the fallout from the financial crisis is a chapter devoted to Goldman Sachs starting on page 91.

The third letter is from page 94 in The Trouble is the Banks:  Letters to Wall Street, edited by Mark Greif, Dayna Tortorici, Kathleen French, Emma Janaskie and Nick Werle, printed in paperback edition by n +1 Research Branch Small Books Series #4, 2012, New York, NY.

Here is letter #3

Hello Edith–Wow, Now I Know a 1 Percenter!

To:  Edith W. Cooper*, Goldman Sachs

Greetings Edith,

I hope this message finds you well.  Gosh, I am thrilled to meet you, even though we haven’t met face-to-face…yet!

I mean, wow, I actually know a 1 percenter now!  How cool is this?

Of course, you probably don’t have much to worry about even if you’re not feeling well, because I trust that you have great health insurance–thanks to me helping pay for it.

Wow, Edith, how great is that! 🙂

Since I hope we get to know one another better, here’s a little bit of info about me:  I have a degree in journalism and my hubby has a double Master’s in music, but since we’re over 50 years old, our premiums climbed, so we were faced with a slippery slope choice…Do we eat, or do we pay for health insurance?  It was a toss-up, but we decided that food was more important.

Oh wait–you haven’t heard about our foreclosure?  Law enforcement came to our door and gave us one hour to vacate!  Oh, that morning was so much fun–I wish you could have been there!  Yes, we were in that first wave in ’08, after putting down a down payment of…wait for it…$300,000.

We totally qualified, you see…hubby had a great business, until his clients could no longer pay him…Our lender told us “don’t worry, we want to work with you!  We can see you have never been in trouble before!”–and well, it’s a long story.

I’ll save the rest of this story for next time, because I am so looking forward to writing back again..very, very soon.

Your new pen pal,

Hilary Grant

Los Osos, CA 93402

P.S.  I can’t wait to hear about the beautiful clothes you must wear.  I buy all of my clothes these days at thrift stores, but maybe we can compare notes?

*Edith W. Cooper is Executive Vice President and Global Head of Human Capital Management for Goldman Sachs

via Goldman Sachs: Information, Comments, Opinions and Facts: Letter #3 to Goldman Sachs’s Edith W. Cooper.

Letter #2 to Goldman Sachs’s Lloyd Blankfein


Letter #2 to Goldman Sachs‘s Lloyd Blankfein In this book of letters written by ordinary people affected by the fallout from the financial crisis is a chapter devoted to Goldman Sachs starting on page 91. The second letter is from page 93 in The Trouble is the Banks:  Letters to Wall Street, edited by Mark Greif, Dayna Tortorici, Kathleen French, Emma Janaskie and Nick Werle, printed in paperback edition by n +1 Research Branch Small Books Series #4, 2012, New York, NY.

download (5)

Here is letter #2: $9,165 an hour–Wow Lloyd, You’re a Big Earner To:  Lloyd C. Blankfein, Goldman Sachs

Hi Lloyd,

So I just read online that your salary in 2010–including all of those delightful perks that just put a smile on one’s face–is $19.06 million. And your hourly wage is $9,165.  That’s great!  Do you even collect that much when you take lunch? Do you realize that by working a mere two hours you earn as much as someone who works full-time at minimum wage earns in a year? Wondering  if I could have your job for say, three hours a week.  Would that be too much to ask? You can leave the stuff that you don’t like about your job to me:  talking to the press about Occupy Wall Street, testifying at hearings about board members who are charged with insider trading.  You know, all that icky stuff. You can still wheel-and-deal and be your macho master-of-the-universe self.  I’ll just do the three hours of grunt work you don’t like each week. What do you say, Lloyd?  Deal?

Susie Meriden, CT

via Goldman Sachs: Information, Comments, Opinions and Facts: Letter #2 to Goldman Sachs’s Lloyd Blankfein.

What Goldman Sachs Stands For.


Goldman Sachs Has Already Cannibalized the Economy

Two very different views of what Goldman Sachs stands for. 

How Goldman Sachs sees itself as

–an “enduring brand;”

–the best investment company;

–highly rated;

–“our clients’ interests always come first;”

–“a set of core values;”

–a match between cultures and behaviors;

–self-renewing;

–“greedy, but long-term greedy;”

–now “greedy, but short-term greedy”  (i.e., greedy all the time!)

How we see Goldman Sachs

–predatory;

–parasitical;

–casino capitalists;

–crooked;

–too big to jail; too big to fail;

–fraudulent;

–criminal;

–high rollers;

–screwer of public sector;

–financial oligarchs;

–funder of corporate raiders;

— supporter of takeover artists;

–gamblers;

–a rip-off of the system

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs Has Already Cannibalized the Economy.

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs Has Already Cannibalized the Economy.

World Bank refuses to review support for logging in tropical rainforests despite criticism from its own independent evaluators


The World Bank Board of Directors has blocked a call by independent evaluators to review the outcomes of the Bank’s support for industrial-scale logging in tropical rainforests. The evaluators concluded in a report published last Friday that such operations have not been effective in reducing poverty, the World Bank’s core mandate, or achieving sustainability. Despite these findings, the Board voted unanimously against a recommendation that the Bank review the effectiveness of its support for tropical forest logging.

“The very survival of tropical forests and the way of life of people who live in them is under threat, and the World Bank is in denial about its contribution to the problem,” said Rick Jacobsen of Global Witness. “As a public institution tasked with reducing poverty, the World Bank should take very seriously its own evaluators’ finding that its approach is not helping vulnerable forest communities. It’s time for the Bank to stop defending destructive logging practices in the name of development benefits that never materialize.”

“After 10 years of World Bank-led reforms in the DRC, roughly 150,000 km2 of rainforest remain in the hands of poorly regulated international logging companies, while communities are once again being left behind,” said Susanne Breitkopf of Greenpeace International. The reform process in the DRC has been marred with irregularities and widely criticized; meanwhile, a law that would support community management of forests has been stalled for years, and the Bank is financing a forest zoning process that is likely to earmark huge areas of rainforest for industrial logging.

While the Bank fiercely rejected the evaluators’ criticism of its support for industrial-scale logging in the tropics, it accepted seven other recommendations made in the report. Two of these focused on the need to provide more support for forest-dependent communities to allow them to directly manage their own forest resources. The Bank has not yet indicated how it plans to implement these recommendations. Breitkopf remains skeptical: “In order to reduce poverty and deforestation, the Bank needs to put land rights and community forest management at front and center of its projects, rather than making them cosmetic add-ons.”

Contact:

Rick Jacobsen, Team Leader, International Forest Policy, Global Witness

+1 415 699 9504, rjacobsen@globalwitness.org

Susanne Breitkopf, Senior Political Advisor, Greenpeace International

+1 202 390 5586, susanne.breitkopf@greenpeace.org

Notes to editors:

The Committee of the Development Effectiveness (CODE) of the World Bank Board of Executive Directors was responsible for the decision and currently includes the Executive Directors of Germany, India, Japan, Mexico, Russia, Sweden, United Kingdom and Zambia.

The World Bank’s Independent Evaluation Group (IEG) is responsible for carrying out independent evaluations of World Bank operations and reports directly to the Committee on Development Effectiveness (CODE) of the World Bank Board of Directors. The IEG evaluation and responses from World Bank management and CODE are available here: http://ieg.worldbankgroup.org/content/ieg/en/home.html

In late 2010, an Independent Forest Monitor financed by the European Development Fund was appointed by the government of the Democratic Republic of Congo to monitor the quality of law enforcement in the country. The Monitor’s first field reports were published in January 2013 and are available in French at the following website: http://www.observation-rdc.info/Rapports.html#7

The Bank has been instrumental in putting into place policies in many tropical countries that result in widespread logging of tropical rainforests. Yet according to a growing body of evidence, industrial-scale logging contributes to tropical deforestation while doing little to improve the lives of forest-dependent communities and indigenous peoples. Corruption and lack of government oversight further aggravate the problem. In the countries of Africa’s Congo Basin, home to the world’s second largest rainforest next to the Amazon, law enforcement in the logging sector is ineffective and corruption and cronyism are widespread. Recent reports from a government-appointed independent observer in the Democratic Republic of Congo, for example, found that many international logging companies are carrying out illegal activities.

via World Bank refuses to review support for logging in tropical rainforests despite criticism from its own independent evaluators | Global Witness.

via World Bank refuses to review support for logging in tropical rainforests despite criticism from its own independent evaluators | Global Witness.

America’s TBTF Bank Subsidy From Taxpayers: $83 Billion Per Year


AMERICA’S TBTF BANK SUBSIDY FROM TAXPAYERS: $83 BILLION PER YEAR

It looks like Johnny Citizen in the good old USA is being well and truly screwed 

Day after day, whenever anyone challenges the TBTF banks’ scale, they are slammed down with a mutually assured destruction message that limitations would impair profitability and weaken the country’s position in global finance. So what if you were to discover, based on Bloomberg’s calculations, that the largest banks aren’t really profitable at all? What if the billions of dollars they allegedly earn for their shareholders were almost entirely a gift from U.S. taxpayers? The stunning truth is that the top-five banks account for $64 billion of an implicit subsidy based on the ludicrous (but entirely real) logic that: The banks that are potentially the most dangerous can borrow at lower rates, because creditors perceive them as too big to fail. Perhaps this realization will increase shareholder demands – or even political furore? The market discipline might not please executives, but it would certainly be an improvement over paying banks to put us in danger.

 

via America’s TBTF Bank Subsidy From Taxpayers: $83 Billion Per Year | Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge.

via America’s TBTF Bank Subsidy From Taxpayers: $83 Billion Per Year | Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge.

WHY YOU SHOULD MARCH ON 9TH FEBRUARY 2013


WHY YOU SHOULD MARCH ON 9TH FEBRUARY 2013

The banking collapse has left the average EU citizen with a bill of €192. Bad enough you might think until you consider that the average Irish citizen will have to cough up €9,000 to rescue the banks. That’s right; it’s not a misprint; there’s not an extra zero in there.

That’s what makes Ireland the “special case” we so often hear about.

That’s why there are protest marches on 9th February.

That’s why you should be there.

Because despite pious platitudes that Ireland is a special case the EU has decided that the European banking crisis must be dealt with by each individual country regardless of size or ability to pay. So much for the idea of a community!

As a result of this, so far Ireland has paid €41 billion, a billion more than Germany. But €41bn is 25% of our economic output (GDP) while in Germany €40bn is just 3% of GDP.

Ireland makes up just 0.9% of the EU population, and the Irish economy makes up 1.2% of the EU’s GDP. But even though we are a tiny part of the EU we have to cough up 42% of the European banking crisis.

All in all the banking bailout is set to cost us €64bn.

Trying to pay this €64bn bank debt is behind five years of austerity.

Trying to pay this bill is costing jobs and driving thousands to emigrate.

Trying to pay this bill is behind increased taxation and more threatened wage cuts.

After five years of austerity we all know that without a bank deal there is no hope of recovery and that continuing with this failed policy will cripple Ireland for generations to come.

We must send a clear message across Europe that we need a deal on debt.

The ICTU Rallies on February 9th 2013 are your chance to send that message and to protest against the cause of our economic crisis – bank debt. A large turnout will show the EU leadership the depth of feeling in Ireland about the issue.

Marches on the afternoon of 9th February are planned in:

via Latest News – I.N.T.O.

via Latest News – I.N.T.O.

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